It’s impressive how well the US economy has held up during the past year. As early as 2018, leading indicators were suggesting a heightened risk of recession in 2019 or 2020. Then early this year the yield curve inverted, a traditional signal that recession is imminent (the inversion has since reversed, but this typically happens before growth actually goes negative). ...

More than three years after the Brexit referendum left investors with $23 billion trapped in seven UK real estate funds, holders of another property portfolio have discovered that when their right to daily redemptions meets the reality of hard-to-sell assets, their money can become a hostage to illiquidity. M&G Plc last week said it’s freezing a 2.5 billion-pound ($3.3 billion) ...

With India’s nominal GDP growing at its slowest pace in 17 years, it’s a given that the central bank will cut interest rates again. What’s the point, though? Commercial bank lending rates have turned immune to monetary policy, so much so that a sixth reduction this year in the benchmark price of money will make hardly any difference. The only ...